Citigroup lowered the target price of Hang Lung Group (0010.HK) from HK$40.52 to HK$31.30, a 25% discount on net assets per share. Due to rising economic uncertainty in Hong Kong and the Mainland, Citigroup previously lowered the company's net assets per share forecast to HK$41.73 per share. Citigroup lowered Hang Lung Group's profit forecast for the 2009-11 fiscal year by 31%-58%. It previously adjusted the Hong Kong real estate sales progress forecast. This is based on more conservative real estate prices, rent, and vacancy assumptions in Hong Kong and mainland China. However, Gongqi maintained the stock's buying rating because the stock price was 50% discounted from net assets per share; it believed that Hang Lung Group was attractive because it expected the company's stable dividend payout, strong potential net asset growth per share (holding a large number of cash positions), and previous good management record during the market downturn. Citi regards this stock as one of the preferred stocks among Hong Kong and mainland real estate stocks; it is expected that the company's mainland real estate projects will bring more significant profit contributions after 2011, and the level of dividends will rise from then on. Hang Lung Group rose 7.80% to close at HK$21.00 on Friday.